Accounting question, please help!!!
Cash 4,500 Accounts Receivable 8,300 Supplies 3,700 Equipment 26,400 Accumulated Depreciation 5,800 Accounts Payable 4,200 Utilities Payable 5,500 Deferred Revenue - Common Stock 19,000 Retained Earning 8,400 Total 42,900 42,900
ACC 200L - Excel Project 2 Instructions and Grading Rubric For the purpose of grading the project you are required to perform the following tasks: Step Instructions This assignment is to analyze the provided transactions, record the journal entries, post the entries to the T-accounts, and create an adjusted trial balance. A beginning trial balance has been provided and you should begin this project by posting the beginning balances to the T-accounts that have also been provided. You will not need to create any new t-accounts; those you need are provided for you on the Excel Gen Ledger tab. 1 To help you determine if you have some of the correct transactions recorded, here are some check figures for ending balances in the adjusted trial balance after all entries have been made and posted: Cash: $63.500 Accounts Receivable: $37,700 Service Revenue: $117.400 Prepaid insurance: $3,750 Accounts payable: $6,200 Total debits and total credits: $314,300 On the Gen Ledger tab: Post the beginning balances to the t-accounts from the opening trial balance. All of the T-accounts that you will need have already been created on the Gen Ledger tab. 2 Using a cell reference populate the T-accounts with their beginning balances from the opening Trial Balance. The easiest way to complete this task is to use the "cell reference." Do not manually retype any number. On the Gen Journal tab: Record the following external transactions a through k. Use column B for the names of the accounts to be debited and column C for the accounts to be credited. Record the debits first and the credits second. Some transactions may require more than two accounts to record the transaction correctly. Columns E and G are for entering the dollar amounts. a. Provided health services for cash, $28,000, and on account, $83,000. b. Collected on accounts receivable, $56,000. c. Issued shares of common stock in exchange for $100.000 cash. d. Paid salaries for the year through December 23, $36,000 cash. e. Paid $13,000 cash for utilities, of which $5,500 represents costs previously recorded for the previous year (look at the utilities payable account), and $7,500 is for the current year utility usage. 3 f. Received $10,000 cash in advance from customers for services to be provided in the future. g. April 1, the company paid $15,000 cash for a one-year insurance policy to cover possible injury to workers. The insurance coverage extends through March 31 of next year. h. On August 1 the company borrowed $40,000 from a local bank and signed a note. The note requires interest to be paid annually on July 31 at 9%. The principal is due in four years. i. Purchased $5,000 of Supplies on account. j. Paid $3,000 on account for the Supplies purchased in (i). k. Purchased $100.000 equipment, all for cash. 1. Paid $8,000 cash dividends to stockholders. On the Gen Journal tab: Record the following year end adjusting entries (1) through (s) using the information below. Use column B for the account title debits and column C for the account title credits. Record the debits first and the credits second. Columns E and G are for entering the dollar amounts. m. Depreciation for the year on the equipment is $3,900. n. Supplies remaining on hand (unused) at the end of the year equal $1,200. o. Of the amount paid in advance by customers in journal entry (f). $4,000 of the work has been completed by the end of the year. p. Employees' salaries are paid every two weeks. The last pay period ended on December 23. Salaries earned by employees from December 24 through December 31 are $4,200. q. Record the appropriate adjusting entry for the insurance in journal entry (g). r. On December 30, the company receives a utility bill of $1,900 for the month. The bill will not be paid until early January of next year, and no entry was recorded when the bill was received. s. The company determines that services for $2.400 had been provided and the client had not paid at the time the services were performed. The transaction was not recorded during the year. t. Record the required adjusting entry related to journal entry (h). Once all the entries have been prepared, post all of the entries to the appropriate t-accounts on the Gen Ledger tab. Use the cell reference to post to each of the t- accounts; do not manually type the numbers for posting. 5 6 Once all of the journal entries have been posted, total each t-account and show one final total: either a debit or a credit balance. When totaling the accounts, include all cells on both the debit and the credit side not just the rows in which you have amounts posted. Be consistent - use the same formula to sum up all of the debit normal balance accounts and the same formula for all of the credit normal balance accounts. After finding the ending balance for each of the t-accounts prepare an adjusted trial balance in the space provided on the Gen Ledger tab. The format for the trial balance has been provided for you on the Excel sheet. Use a formula to total the debit and the credit column. 7 Prepare the adjusted trial balance in the proper account order. IMPORTANT a. b. d. f. h. i. L Cash Accounts Receivable Advanced Health General Journal For Year Ended December 31, 2021 Accounts Service Revenue Debits 28,000 83,000 Credits 111,000 m. n. P. 9. ADJUSTING ENTRIES Account Debits Credits Advanced Health Opening Trial Balance 1/1/2020 Accounts Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Accounts Payable Utilities Payable Deferred Revenue Common Stock Retained Earning Total TOTAL Debits 4,500 8,300 3,700 26.400 42,900 Advanced Health Adjusted Trial Balance At End of Period 12/31/2020 Debits Accounts Credits 5,800 4,200 5,500 19,000 8,400 42,900 Credits Equipment Prepaid Insurance Accum Deprec Cash Accounts Receivable Supplies IIIII IIIIII Notes Payable Deferred Revenue Interest Payable Utilities Payable Salaries Payable Accounts Payable Common Stock Retained Earnings Dividends Insurance Expense Deprec Expense Interest Expense Service Revenue Salaries Expense Supplies Expense Utilities Expense H H
